Japanese Authorities and the Japan Virtual and Crypto Asset Exchange Association have released plans to further relax the country’s crypto laws when dealing with crypto assets. However, this applies to coins that are not new to the Japanese market.
The Japan Virtual and Crypto Asset Exchange Association, Japan’s governing body for dealing with crypto assets, has released a document detailing plans to further relax the country’s crypto laws. According to Bloomberg, the association wants to implement a lax screening process for virtual coins listed on authorized exchanges as early as December this year. However, this applies to coins that are not new to the Japanese market.
By March 2024, the regulatory authorities could also completely abolish the lengthy preliminary examination procedure for new market participants. The case could also include tokens issued through initial coin offerings or exchanges, according to comments from association vice president, Genki Oda. These new moves by Japanese regulators aim to refresh the local cryptocurrency scene and make it easier for startups to enter the space.
Japanese Authorities Amending Crypto Laws and Tax Reforms
Just a few days ago, on October 14th, the Japanese government passed a cabinet decision to amend money laundering laws. This means that companies facilitating crypto asset exchanges must provide user information and notify business operators. Recently, Japan has taken into account the growing cryptocurrency scene as the government overhauls laws and regulations. In August, officials said they would consider implementing tax reforms to prevent crypto startups from migrating.
The Japanese Authorities have also taken into account the growing cryptocurrency scene as the government overhauls laws and regulations. In August, officials said they would consider implementing tax reforms to prevent crypto startups from migrating. This comes shortly after the Japanese cryptocurrency group asked regulators to end taxing banknote winnings.
Japanese Prime Minister Fumio Kishida said in a speech on October 3 that the government would work to encourage the use of new Web3 technologies. In particular, he mentioned the use of non-fungible tokens (NFTS) and the metaverse. In September, the Japanese government awarded NFTs to local authorities as a reward for good work.
